8.6 C
New York
Monday, May 27, 2024
Home Challanger banks Fixed savings rates for SMEs now offered by Starling Bank

Fixed savings rates for SMEs now offered by Starling Bank

  • One year fixed-term deposit
  • 2.5% AER/Gross interest rate* on balances of £2,000 – £1 million
  • Quick and easy to open – business account holders can save and manage their funds all in one place

The first business savings product from Starling Bank is now available. 

 For its SME clients, it is introducing a one-year fixed saver product with a fixed interest rate of 2.5 percent over the course of the year on balances of at least £2,000. 

Account holders can now transfer money immediately online or within the app thanks to the new feature that is built into the app. 

The fixed saver product will lock in deposited funds for a year, paying out accrued interest at the end of that time. 

It’s time to reward the owners of business accounts with guaranteed returns, especially in this time of economic uncertainty, according to Starling CEO Anne Boden. “We launched our first savings product for personal customers just over a month ago,” she said. 

With a 3-point 25% interest rate for consumer one-year fixed-term deposits, Starling’s first savings product went on sale in the middle of December. 

 The offering added Starling to the list of fintechs with a new focus on savings for 2023. They similarly offered the product on deposits between £2,000 and £1m. 

Chase, Zopa, and Revolut offers personal savings accounts, and many more banks raised their interest rates as 2016 came to a close due to rising inflation.

More About Starling

As covered, Starling Bank is “a fully-licensed and regulated bank built to give people a fairer, smarter and more human alternative to the banks of the past.”

It reportedly “offers personal, business, joint, euro and dollar current accounts alongside a children’s card.”

Starling also “provides a Software-as-a-Service (SaaS) proposition through its subsidiary Engine, using the proprietary technology platform that it uses to power its own bank.”

The Starling Marketplace “offers customers in-app access to a selection of third party financial services.”

Headquartered in London, the bank “has offices in Southampton and Cardiff.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.